Wero, the European payment solution heralding a new dynamic

At a time of rapidly shifting geopolitical dynamics, the issue of European sovereignty is back in the spotlight – and it's not just about defence, payment systems are critical too. The current context only adds to the relevance of the actions taken in recent years by private and public players to build a European payment solution that is sufficiently robust to compete with Visa and Mastercard. These initiatives include Wero, the digital wallet developed by the European Payments Initiative (EPI) which is preparing to incorporate other European solutions.

Payment systems critical for European sovereignty

For the European Union, the question of payment methods is becoming increasingly important to protect itself from dependence on the United States, represented by the two global pioneers, Visa and Mastercard. Hence, at the instigation of the European authorities, key intermediaries in the system – particularly banks, payment and electronic money institutions – are working to develop a pan-European solution. Why? Because although national bank cards surpassed cash as a means of payment in Italy and France last year, 13 eurozone countries still rely entirely on Visa and Mastercard systems, whose parent companies are based in the United States. According to a report published by the ECB in February 2025, these international systems account for around 61% of card payments.

Europe has a variety of national card systems, such as CB in France and Bancomat in Italy, while other countries, such as Spain and Ireland, do not have their own national card system (see the ECB map below). To remedy this fragmentation, which could weaken Europe's position vis-à-vis the United States, and to make the eurozone independent from American systems, new card-free solutions are emerging. A total of 14 banks and two payment service providers are the founding partners of the EPI project, which is the springboard for the development of Wero (the name is a contraction of the inclusive ‘we’ and ‘euro’). It is a pan-European digital wallet that responds to the European Commission's goal of developing an instant payment system.

At the same time, three banking service providers have created EuroPA (European Payments Alliance) to enable users in Italy, Portugal, Spain and Andorra to send and receive funds instantly using their mobile phone. Poland might also join them.

Wero: the way forward for a single European solution?

The services already announced by Wero include account-to-account, in-store, online, immediate, and deferred payments. In France, Wero has already replaced Paylib’s account-to-account transfer system. Germany and Belgium will soon follow suit. EPI is also preparing to launch its e-commerce solution, first in Germany in autumn 2025, then in Belgium and France. Consumers in these countries will be able to use it from 2026 via a QR code and contactless technology. The Netherlands and Luxembourg will join the system later on. Eventually, with more than 85% of consumers in the eurozone using it, Wero could represent 64% of non-cash retail payments. In a second phase, starting in 2027, value-added services such as loyalty programmes, financing options and IDs will be linked to the wallet.

While it promises a seamless omnichannel experience and faster payments, Wero still needs to win over consumers in its first five markets before it can develop new features and expand into other countries. It also needs to consolidate its adoption by merchants through offering attractive fees. However, this could take some years so we must be patient. After all, contactless payment itself took 10 years to catch on.

Illustration: National card systems

Source: ECB, 28 February 2025